Top 6 Essential
Parts of a Retail Business Plan
A
business plan for a retail store can be a complex multi-page document created
using special software or it can be a page torn from a notebook. The purpose of
your business plan will determine how much information should be included and
what format to use. For financing, you'll have a better chance of convincing
someone to fund your company if there are plenty of details provided. Do you
know what goes into a business plan? Here are the essential elements of an
excellent retail business plan and what to include.
1.
Executive Summary
An
Executive Summary is critical to the success of the business plan. The
Executive Summary offers synopsis of the business plan, and highlights the key
points raised within. This business plan part is where you need to capture the
reader's attention so that he/she will be compelled to read on.
2.
Business Analysis
The
next section is the Business Analysis. From the business structure, legal name,
location and goods or services offered to an analysis of your customers and
competition, this section will describe the nature of your retail business. Use
easy-to-read, common terminology. Never assume that those reading your business
plan have the same level of technical knowledge that you do.
3.
Marketing Strategy
The
Marketing Strategy section should explain how your retail business will
penetrate your target market. Detail the company's desired image and branding
strategy. Give an overview of the company's pricing strategies, current and
potential marketing partnerships and provide documented research to back your
plan in this part.
4.
Products and Services
This
business plan part is most important to retailers developing a business. The
Products and Services section describe the goods and services offered and how
they are provided, information about the vendors, and any plans for future
growth of the product lines.
5.
Management Plan
In
the Management section, the information will show that the retail business has
the necessary human resources to be successful. This part will answer questions
about the key management personnel and their background, explain how the store
will be staffed and detail all personnel compensation and benefits, including
employment policies and procedures.
6.
Financial Plan
One of the more difficult parts of the
business plan, the Financial Plan will involve the company's revenue and
profitability model. This part assesses the amount of capital the retail
business needs, as well as the proposed use of these funds and the expected
future earnings. It includes Break-even Analysis, Sales Forecasts, Balance
Sheets and Cash Flow Statements broken down monthly for the first year and then
annually for the next 2-5 years.
Article by: Maria
Working happily with National Merchant
Services
Happy Processing!!!
Article source: http://retail.about.com/od/businessplans/tp/biz_plan_parts.htm
No comments:
Post a Comment